- Ivanhoe Mines Energy DRC has signed a memorandum of understanding with the DRC's state-owned power company to upgrade a major turbine in the Inga II hydropower facility
- Once the upgrades are complete, Inga II will have the capacity to produce an additional 160 megawatts of hydropower for the Kamoa-Kakula project and the DRC's national power grid
- Ivanhoe Mines is a Canadian mining company focused on advancing its three principal joint-venture projects in Southern Africa
- Ivanhoe Mines (IVN) is up 1.84 per cent and is currently trading at $8.86 per share
Ivanhoe Mines Energy DRC, a subsidiary of Ivanhoe Mines (IVN), has signed a memorandum of understanding with La Société Nationale d'Electricité (SNEL).
The task of the public-private partnership is to upgrade a major turbine in the Inga II hydropower facility on the Congo River. The Inga II facility provides hydropower for the Kamoa-Kakula Copper Mine.
The Kamoa-Kakula Copper Project is a joint venture between Ivanhoe Mines, Zijin Mining Group, Crystal River Global Limited, and the Government of the Democratic Republic of the Congo.
Ben Munanga, Chairman of Kamoa Copper, commented,
"The bilateral cooperation between Ivanhoe Mines Energy DRC and SNEL to secure reliable power for Kamoa-Kakula is a win-win partnership and underscores the importance that the DRC government places on the development of large-scale mining projects in the country."
Of eight total turbines, Turbine 5 is one of four turbines at the hydropower facility that remain to be upgraded.
Once the upgrades to the facility are complete, Inga II will have the capacity to produce an additional 160 megawatts of hydropower for the Kamoa-Kakula project and the DRC's national power grid.
His Excellency Félix Tshisekedi, President of the Democratic Republic of the Congo, commented,
"The Democratic Republic of the Congo is blessed with extraordinary hydroelectric potential. It is imperative to develop this potential because hydropower is clean, reliable and renewable. It is undoubtedly the most suitable type of electricity to support our country's long-term development priorities."
In December 2020, the 220-kilovolt power line to Kamoa-Kakula was connected to the national electrical grid, providing access to the Inga-Kolwezi high-voltage direct-current power line. Kamoa-Kakula's main 220-kilovolt substation is now fully energized with clean, renewable hydropower.
Ivanhoe Co-Chair Robert Friedland commented,
"The new partnership with SNEL on Inga II gives us a clear line of sight to realizing our vision of building Kamoa-Kakula into the world's largest, high-grade, green copper mine," he added.
Ivanhoe Mines is a Canadian mining company focused on advancing its three principal joint-venture projects in Southern Africa.
Ivanhoe Mines (IVN) is up 1.84 per cent and is trading at $8.86 per share as of 9:52 am ET.